Crude Oil Hits Highest Since Mid-September on Massive US Inventory Draw

Key Facts

1Crude oil futures settled at $97.97, up 3.03%, marking the highest level since mid-September.

2U.S. crude inventories fell by 8.6 million barrels, significantly exceeding expectations for a draw of 288,000 barrels.

3Reports indicate Iran is increasing pressure on shipping in the Strait of Hormuz to keep oil prices elevated ahead of the U.S. elections.

Crude oil futures settled at $97.97, up 3.03%, marking the highest level since mid-September. investinglive.com reported that the surge was driven by U.S. crude inventories falling by 8.6 million barrels, significantly exceeding market expectations for a draw of only 288,000 barrels.

Geopolitical risks further supported the price action, with reports indicating Iran is increasing pressure on shipping in the Strait of Hormuz to keep oil prices elevated. During the session, prices fluctuated between a low of $93.58 and a high of $98.32, as the combination of a massive inventory surprise and regional instability maintained a firm bullish momentum.